Cut out one third of cake. Cut removed cake piece in half; set aside. Stand remaining larger cake piece, cut-ends down, on cake board or tray. Place the smaller cake pieces on each end of large cake piece to resemble a curved caterpillar's body as shown in photo
. Tint whipped topping with food coloring; spread onto cake. Drizzle with the melted chocolate to resemble the stripes on a caterpillar's body. Decorate with remaining ingredients as shown in photo. Store in refrigerator.